New Naira Notes: Nigerians return N140bn to CBN in one month

The Central Bank of Nigeria (CBN) has declared that its efforts to recover the extra funds outside the banking industry have been a resounding success.

The latest monetary data from the apex bank, which was issued on Monday, showed that in the month of November 2022, the amount of money in circulation fell to N3.16 trillion.

Comparing this to the N3.3 trillion recorded in October 2022, there has been a decline of N140 billion.

The quantity of money that is physically being used for transactions between customers and businesses as opposed to being kept in a bank, financial institution, or central bank.

Read Also: Paul Okoye responds to Brymo, “You are a tribal bigot.

The CBN Governor, Godwin Emefiele had in a statement said, “Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of the currency in circulation are outside the vaults of commercial banks.

“To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.

According to another money and credit data set, currency outside banks captures the total financial assets by individuals dropped in the month of November.

According to CBN statistics, as at November 2022, their Currency outside the bank stood at N2.65 trillion.

This is a 6.69 percent or N200 billion drop when compared to N2.84 trillion currency outside the banking sector as at September 2022.